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Principal Financial Group reports Q4 net loss

IBR Staff Writer Published 17 February 2009

Principal Financial Group has reported a net loss available to common stockholders of $7.5 million, or $0.03 per diluted share, for the fourth quarter ended December 31, 2008, compared to net income available to common stockholders of $34.1 million, or $0.13 per diluted share, for the same quarter ended December 31, 2007.

The company reported operating earnings of $179 million for the fourth quarter of 2008, compared to $228.2 million for the fourth quarter of 2007. Operating revenues for the fourth quarter of 2008 were $2.53 billion, compared to $2.9 billion for the same period in 2007.

Principal Financial has reported a net income available to common stockholders of $425.1 million, or $1.63 per diluted share, for the 12 months ended December 31, 2008, compared to $827.3 million, or $3.09 per diluted share, for the 12 months ended December 31, 2007.

For the year 2008, operating earnings were $942.7 million, compared to $1.05 billion for 2007. Operating revenues for 2008 were $10.73 billion, compared to $11.22 billion for 2007.

Larry Zimpleman, president and CEO of Principal Financial Group, said: Given the difficult business environment, The Principal delivered very solid operating results for the fourth quarter and the year, demonstrating the value of revenue and earnings diversification and strong business fundamentals. While uncertainty remains around the length and severity of the global recession, we enter 2009 with a strong and proven business model. In 2009, we'll continue working to address the challenges the market presents.